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5 Responses to “What’s the chance of me qualifying for a mortgage?”

Do you want to buy a smaller place to have a good quality of life such as
saving for your future, buying cars for cash, not having to finance furniture?
Then a mortgage should never be more than 2 times your annual take home
Ex: 72K mortgage.
Some banks will easilly allow you to go for 3x – more profit for them the higher mortgage you make. Don’t trust banks – ok?

You’ll need a down payment.
20% will avoid that nasty PMI – which is like throwing thousands away a year.
Get a book called Home Buying for Dummies or something similar
You will need 2 years worth of steady employment.
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You can put 15K down and get a 90 or 100K place.
Call a small bank or credit unon and make an appointment to talk to them.
You are so close. Do not open any new credit 6 months before buying a home.
A “feeble” minded lender may give bad advice on opening new credit.
That is why you need a good book.

You could probably qualify for a loan for about $100,000 or 2 ½ to 3 times your annual gross income.

If you really want to see if you can qualify… you can find out by using MortgageMatch.com’s PreQual Plus feature (https://www.mortgagematch.com/prequalify/interview_your_property.aspx?redir=1), which is easy and provides you with a guaranteed prequalification letter in as little as 15 minutes. Meaning that you get an electronic prequalification letter that includes actual loan terms and corresponding rates that you can give to your real estate agent or print it out yourself before touring a home.

And whether you decide on a condo or small house, MortgageMatch.com will also show you listings from Realtor.com based on your location and price range.

What’s your deposit? It’s crucial that you put down a certain amount when you apply for a mortgage these days. I would seriously consider spending a couple of years or more in the best “trailer-park” you can get into – honestly, your rent will be negligible, and you will be able to save a decent deposit.